America Movil completed the acquisition of a 70% stake in Nextel Brazil from NII Holdings for $905m.

America Movil, a Mexican telecommunications corporation, completed the acquisition of Nextel Brazil, a provider of wireless telecommunication services in Brazil, from mobile service company NII Holdings. Under the terms of the purchase agreement, America Movil acquired a 70% stake in Nextel Brazil for an aggregate purchase price of $905m. "The announcement of this transaction marks the culmination of an extensive multi-year process to pursue a strategic path for Nextel Brazil and provides our best opportunity to monetize our remaining operating assets in light of the competitive landscape in Brazil, and long-term need to raise significant capital to fund business operations, debt service and capital expenditures necessary to remain competitive in the future," Dan Freiman, NII Chief Financial Officer.